Silver Tips

Silver cracked heavily in the latter half of the week mirroring the weakness in Gold. Silver too eventually ended with a loss of over 3 per cent.

Silver had managed to sustain above the Rs 63,200-support level mentioned last week in the initial part of the week. However, once that was taken off there was no stopping the white metal as it eventually tumbled to the lower end of the target of Rs 61,000-odd level also mentioned last week.

The daily charts indicate that the white metal may get considerable support around Rs 60,800-odd levels - which is the 50-day moving average for the December contract. The corresponding key level for the March futures should be around Rs 62,650.

Break of Rs 62,650 can further weaken the white metal for downside target of sub-Rs 60,000-odd levels.

As per the weekly Fibonacci charts, Silver MCX March futures may face resistance around Rs 64,550-64,925-65,300, while seek support around Rs 62,150-61,780-61,400.

The corresponding key support and resistance level for Silver Micro February futures are as follows. Support at Rs 62,180-61,800-61,440, while resistance around Rs 64,570-64,940-65,315.